Pune, Maharashtra -- (SBWire) -- 10/11/2022 --Global Recycled Carbon Fiber Market Size was valued at USD 117.79 billion in 2021, and expected to reach USD 284.28 billion by 2028, and grow at a CAGR of 11.1 % over the forecast period 2022-2028. One of the strongest and lightest elements utilized to create composite composites is recycled carbon fiber. It is used to cut down on waste going to landfills and costs manufacturers 30% less than buying fresh carbon fiber. Emerging trends include the creation of various procedures and methods to lower energy consumption and costs during the recycling process, which have a direct impact on the dynamics of the recycled carbon fiber business. For a variety of industrial mixing and compounding procedures, including injection molding, chopped recycled carbon fiber is appropriate. It has excellent free-flowing characteristics, low density, low thermal expansion, good electrical conductivity, and is non-corrosive. To create lightweight, fuel-efficient vehicles, producers want to provide low-cost chopped recycled carbon fiber for the automotive sector.
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Drivers, Restraints, Opportunities and Challenges
The recycled carbon fiber market is anticipated to increase because to the rising demand from the automotive and transportation, marine, industrial, aerospace & military, and other end-use industries. Governments worldwide are also emphasizing the usage of recycled materials, which will increase demand for chopped recycled carbon fiber. Automobile makers are moving away from traditional metal bodywork in favor of stronger ones made of carbon fiber as a result of consumers' increased safety concerns. Rising demand for high-performance and affordable composites together with strict laws to encourage the usage of green materials are expected to drive growth in the global market.
Impact of the COVID-19 Pandemic
COVID-19 had a negative effect on the recycled carbon fiber market in 2020. Due to supply chain disruptions brought on by the COVID-19 epidemic, the market for recycled carbon fiber is suffering. Due to the national shutdown, numerous vehicle manufacturers around the nation stopped their manufacturing operations as the virus spread. The market, however, is anticipated to grow even more in the upcoming years.
Market Segmentation
By Type:
1.Chopped Recycled Carbon Fiber
2.Milled Recycled Carbon Fiber
By Source
1.Aerospace scrap
2.Automotive scrap
3.Others
By End – Use Industry
1.Automotive & transportation
2.Consumer Good
3.Sporting Goods
4.Industrial
5.Marine
6.Aerospace & Defense
7.Others
According to the source, the value and volume of recycled carbon fiber will be led by the aerospace scrap market. One of the most common places to find carbon fibers for reuse is aerospace scrap. High-grade carbon fiber-based components used in the production of aircraft components are being recycled thanks to efforts made by aerospace OEMs.
When it comes to kind, chopped recycled carbon fiber is the market's fastest-growing area in terms of both value and volume. For a variety of industrial mixing and compounding procedures, including injection molding, chopped recycled carbon fiber is appropriate. It has excellent free-flowing characteristics, low density, low thermal expansion, good electrical conductivity, and is non-corrosive.
Regional Analysis
It is anticipated that the North American area will dominate the recycled carbon fiber market. According to GDP, the United States has the greatest economy in the region. One of the world's fastest-growing rising economies is that of the United States and Canada. The rapidly expanding automotive and aerospace sectors are fueling the expansion of the North American market for recovered carbon fiber. The presence of established automakers, top producers of recycled carbon fiber, and technological improvements pertaining to recycled carbon fiber products are all factors that support the market's expansion in this region. The market for recycled carbon fiber in Canada is expected to expand significantly in the next years due to opportunities in the transportation, aerospace, industrial, and sporting goods sectors. Regulations governing material recycling and reuse, as well as the cheaper price of recycled carbon fiber compared to virgin carbon fiber, are the primary market drivers.
Competitive Landscape Outlook
Some of the prominent companies present in the recycled carbon fiber market are Carbon Fiber Recycling, Shocker composites LLC, Teijin Limited, Carbon Conversions, Vartega Inc, ZOLTEK Corporation, ELG Carbon Fibre Ltd, and Sigmatex.
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Table Of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact Of Ukraine-Russia War
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
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Recycled Carbon Fiber Market SWOT Analysis by Key Players : Shocker Composites LLC, ZOLTEK Corporation, Sigmatex, Carbon Fiber Recycling, SGL Carbon
Recycled Carbon Fiber Market Size and Segment By Type (Chopped Recycled Carbon Fiber, Milled Recycled Carbon Fiber), By Source (Aerospace scrap, Automotive scrap, Others), By End – Use Industry (Automotive & transportation, Consumer Goods, Sporting Goods, Industrial, Marine, Aerospace & Defense, Others), and by Regions | Global Market Forecast 2022-2028